Polkadot to start selling parachain slots on Kusama network

The Polkadot team announced it was ready to begin auctions for parachain-slot sales to launch parachains on the Kusama experimental network, starting June 15, 2021.

The first real-world functional parachain Statemine, began processing permissionless transactions after an on-chain upgrade last week. After some smooth running over the weekend, the time has come to move to the next stage: slot auctions. https://t.co/HRWh93z1Yy

— kusama (@kusamanetwork) June 8, 2021

Kusama began operating in 2019. According to a blog post, the first live parachain named Shell was launched in May 2021. The developers upgraded it to Statemine—the Kusama counterpart of the Polkadot mainnet’s Statemint.

Statemine supports several functions, including:

• storing and transferring native Kusama (KSM) tokens;
• transferring permitted interchangeable assets, such as non-algorithmic stablecoins;
• freely creating, issuing and transferring both fungible assets and NFTs.

“The usefulness of Statemine as a standalone chain is significant, but as a member and resource of the community, its value grows geometrically,” the statement said.

To build this ecosystem, the team developed Parachain Slot Auctions—a ‘market-efficient way to select parachains that will add to the Kusama network’.

Auction is scheduled to begin on June 15. Participants will bid by indicating a range of continuous slot leases (up to eight periods of six weeks) and the amount of KSM they are prepared to lock up for the term.

Each auction will last a week, with five auctions initially planned.

The final selection of parachains will be conducted by the Kusama Council and KSM holders. Projects that enjoy community trust will be given priority, said Polkadot founder Gavin Wood.

As noted, deploying parachains on Kusama is considered the final phase of launching the Polkadot mainnet.

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